AMMAN, 27 April 2005 — The Jordanian government is currently considering applications from Saudi businessmen to conduct investments in Jordan amounting to $1.5 billion, mostly in the housing sector, Jordanian Minister of Trade and Industry Sharif Zoabi said on Monday.
He made the remark during a meeting of the Joint Saudi-Jordanian Business Council, which was chaired by Abdullah Al-Bazeai, who leads a delegation of prominent Saudi businessmen on a visit to Jordan designed to explore investment opportunities in the Kingdom.
“The last two meetings of the Saudi-Jordanian Business Council has been instrumental in removing obstacles facing businessmen in the two countries,” Al-Bazeai said.
He underscored the importance of the Saudi export program in extending credit facilities with competitive terms to Saudi exporters and importers, including periods of grace ranging between one and seven years.
Zoabi praised the role played by the private sector in the two countries in “enhancing merchandise between them as well as removing obstacles that impede bilateral trade and investments”. “The Jordanian government is keen on increasing Arab investments in all spheres in Jordan, pushing ahead with economic reforms and speeding up privatization,” he said. “The ministry is currently studying applications for Saudi investments in Jordan amounting to $1.5 billion, mostly in the housing sector,” he added.
Jordan’s Prime Minister Adnan Badran yesterday assured a visiting delegation of prominent Saudi businessmen that his government was bent on enacting new legislations and “removing all bureaucratic obstacles” with a view to luring foreign investments to Jordan.
“The government is determined to overcome all obstacles that could face foreign investors through the enactment of new laws, removing all bureaucratic hindrances and increasing investment opportunities available in Jordan,” Badran said.
The prime minister reviewed “the advanced investment infrastructure enjoyed by Jordan, which also possesses the most important element in the investment process-security and stability”, a statement from the premier’s office said.